St. Paul – Minnesota’s labor force participation rate dropped down to 67.8% as reported by the Minnesota Department of Employment and Economic Development (DEED). “We closely monitor job and labor force growth, and we continue to believe that job growth, particularly in certain sectors, is constrained by a lack of available workers with necessary skills,’ said DEED Commissioner Matt Varilek. ‘That’s why DEED and our agency partners are focused on innovative initiatives to help connect Minnesotans looking for work with in-demand employment. DEED’s Drive for 5, Targeted Populations, Clean Economy Equitable Workforce, and other programs will help bring more Minnesotans into the labor force with high-demand skills.”
June 2024 – Minnesota Employment Rate
Lost Jobs & Industries Affected
- -3,000 Business Services
- -2,100 Leisure & Hospitality
- -1,600 Local Government
- -300 Retail Trade
The U.S. unemployment rate increased by one-tenth of a percentage, reaching 4.1% last month. Similarly, Minnesota’s unemployment rate followed the same trend as the national unemployment rate, increasing by one-tenth of a percentage to 2.9%. Minnesota’s labor force participation rate ticked down by two-tenths of a percentage point to 67.8% from May to June.
June 2024 – Minnesota Open Jobs
Gained Jobs & Industries Affected:
- +4,500 Education & Health
- +1,300 State Government
- +400 Mining & Lodging
- +300 Construction
- +100 Finance & Insurance
Minnesota faces another month of job loss, with 3,200 jobs lost from May to June on a seasonally adjusted basis, and the private sector down 3,300 jobs. “Even with June’s losses, Minnesota has added jobs in eight of the last 12 months. The state’s labor force declined by more than 3,100 people. Minnesota’s unemployment rate remains low, and its labor force participation rate continues to be among the highest in the country.” (DEED).
*Data from MN Employment and Economic Development
Key News & Trends
- Q3 Economic Outlook. Learn More
- Minnesota Jobs Metrics Tick Down, but Remain High. Learn More
- New Minnesota Law Requires Salary Ranges for Job Postings. Learn More
Versique stays on top of hiring trends to make sure both candidates and clients are prepared. If you’re an employer, contact us to find people for your business. If you’re an employee searching for your next opportunity, make sure you’re utilizing the best resources to find the best fit. Get in touch with us today.
